Detailed Summary

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Status of the Legislation

Latest Major Action: 3/16/2011: Referred to House committee. Status: Referred to the Committee on Ways and Means, and in addition to the Committees on the Budget, Rules, and Appropriations, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Points in Favor

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Points Against

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Costs: $0.00 per and increases their $162,301.27 share of the national debt by $0.00.(source info)

The National Taxpayers Union Foundation's "BillTally" project produces cost estimates for many of the bills introduced in Congress. We used an NTU BillTally estimate to produce the numbers you see. Learn more about cost and savings estimates on our about page.

Rob53

I have worked since I wa 16 Years old. Joined the Militaary at 17. During a very unpopular war becamwe a Medic Received Hepatitis for my effort to save men. Proved I got it from the military went to work for 22 years after ubtill I could no more. Now the want my Benifits from SSA and the Military to pay for one flight on a 727 for nacy Pelosie to go Home on he weekend. To hell with all of them. That isn't serving your country. IMHO

buddy_in_allyn

Does anyone really believe that a 1% transaction fee/tax will be used to pay down the national debt? Our debt will continue to rise until the house of cards comes crashing down upon all of us. The politicians we have elected to manage our government are gutless wonders who will never make the hard choices to prevent this national disaster. It is coming soon so be prepared for the worst.

Question

OK Feds, I have to say that you need to examine your own pocket. Let's stop giving you a raise EVERY year when the average American worker gets a raise ($.25 / hr) every 5 IF they are lucky. Then we can take THAT money and apply it towards our debt. Or better yet, do NOT let the First Lady take Air Force One on tax payer money to go shopping in another country. Let's restrict YOUR travel, YOUR way of living, then maybe you will have SOME idea what it is like to be an American. Quite frankly, none of you or your offices have ANY idea of what it is like to BE one.

Tom B.

Cut the spending first then see if we really need this thing. If we all ran our households like some of the Feds are running our government we would be in jail for non-payment of our bills. Wise up, get with the program, or be voted our of office. Your choice.

Darrell B.

Folks, this is the same bill that Pennsylvania Congressman Chaka Fatah has been introducing for years. It has no co-sponsors, and has never even left committee for a vote. This is just another of those "hobby horse" bills that are introduced by politicians who know they have zero chance of passage just so the politician can tell their constituents that they are doing something.

VETTER

As soon as 20 year Military personnel retire they collect a nice monthly check , and then apply for VA Compensation money on top of there Military pay which averages about 2,000 a month from the Military. They will go to the VA and say look I hurt my hand, foot, had my gall bladder out etc. just to try and get 100% VA money which equals another 3,000 a month tax free. And then get SS at 62

Elaine R.

Stop the Obama's from flying all over the world that would save tax payers alot of money because the have to take so many people. Have the President to tell the truth about one thing that comes out of his mouth. I trust Republicans more than any Democrat any time. How about getting GE to pay its taxes because they did not have to pay any taxes last year.

BIEGS

Vetter- from your posts against the military,it would seem either you never spent a day in the military or if you did were dishonorably discharged and are beligerent to the fact the Veterans (such as myself and spouse have 44 yrs total served). You have the FREEDOM to write what you did on here due to the MEN AN WOMEN IN UNIFORM KEEPING AMERICA FREE... not the congress/house/senate do or did or will do. Infact you have this anger about the fact that one possibly receives 100% (not many that I know collect that much VA Comp) so I am not certain whom your sources are,however lay off the military man! OBVIOUSLY YOU HAVE NO IDEA WHAT ITS LIKE TO SERVE IN THE MILITARY AND THE SACRIFICES WE GIVE/GAVE TO KEEP AMERICA SAFE....

American Eagle

How can we bring down the national debt? Easy! Keep the Obama family out of the sky, cut his wage by 3/4th, along with those in the house and Senate. Remove all their personal jets, and high living extras while in Washington, D.C. Cut everything that our tax dollars pay for that they use so freely. And stop paying out to every country that has their hand out. Most of them hate us in the first place, so why pay them for this service. They would hate us for free, and look at all the money we'd save. And while we're at it, put them all on S.S. Retirement, and using the same medical insurance we're on. Yes, that would do it. We'd be out of debt in no time at all. Agree?

Carlthek

MR. MIKE

Do you Obama bashers realise what he inherited when he was elected? Lets backup..Pres. Clinto left G W BUSH w/a 7trillion SURPLUS!!!!! and during his admin. created 24 million jobs!!!!!!! IT WAS G.W. BUSH WHO TOOK YOUR JOBS AND GAVE THE MONEY TO THE RICH AND CORP AMERICA...WAKE UP!!!!!!

relhib

I'm retired military getting 30% disability from the VA due to throat cancer from Agent Orange. I receive $376 tax free every month. However, that $376 is taken from my retired pay so what in fact I am getting is no tax on the $376. Let's stop bashing the military and instead take away the full retirement for congressman and senators after even one term. It's time they did the job they were elected to.

mit

the gov has used the ss for everything (buying votes, paying for illegal housing, support people that has never paid into the system. Now they want those who are entitle to receive ss aregetting something free. Congressmen and Senators should be require to pay ss/medicare, should not be allowed to serve more than 2 terms. Screw continuity thet don't have it now. Change the president to one term for 6 years. Reduce government and their contractor support. If they can't do the job they were hired to do terminate them.

Mrs. Mike

President Clinto left office in 2000 & the National debt was Hair below $6 Trillion Dollars: The Debt went down for 2000 & 2001 until 9,11,2001 Then it went up. Your statement above is not True, NO SURPLUS AT ALL

Mrs. Mike

As long as your looking up the national debt on Google, look at the last year on the graph there & see that the National Debt when, President Poverty took over was just under $ 8 Trillion. Today President Poverty has it run up to$14 Trillion

Mrs. Mike

The U.S. Congress sets a federal budget every year in the trillions of dollars. Few people know how much money that is so we created a breakdown of federal spending in simple terms. Let's put the 2011 federal budget into perspective:

U.S. income: $2,170,000,000,000

Federal budget: $3,820,000,000,000

New debt: $ 1,650,000,000,000

National debt: $14,271,000,000,000

Recent budget cut: $ 38,500,000,000 (about 1 percent of the budget)

It helps to think about these numbers in terms that we can relate to. Therefore, let's remove eight zeros from these numbers and pretend this is the household budget for the fictitious Jones family:

Jim Brewer

I think it is time for the people who have the money to help the people who are doing without.If this bill passes our vote will tell the story.Take care oe the Americans that have made this country great.

Stop Spending

How about "term-limits" for Congress and the House. No more than 4 years....that would help stop the lobbist and the social agendas. They might actually cut the spending then. Let's start taxing imports too!

Bobo in Ohio

This bill will never legally pass as it is true taxation without representation by someone authorize by their employer to do so. Wait! They've already done this before. What do we do now? Sorry, but Jim Brewer must be from That once great state of California. Sorry Jim, but if people are doing without money today, it wasn't them who made this country great. Please keep your Nancy home, or request she keep her trips home minimized to 1 or 2 a month. I've an idea. It is time we move the Capital to the center of this country for easier access for all of us and our Reps in the Capital. We could all drive there and back. I'm sure we could find a closed business' building due to Government dictates and unions that would suffice as a new capital building. Maybe even an un-air conditioned school building. This might encourage them to come home and visit us more often to stay in touch with real concerns of THEIR eployers.

Catherine B.

I'm a 10 yr Veteran. What the hell is wrong up on the Hill. It is time the American People clean house. We have on crook after another up there, lining their wallets. Who can believe them. They have the nerve to think they are about the 3 world dictators when you really look at them they are no different, it is called GREED

ALB

I have been reading about past taxes imposed on our country and I find it very interesting that taxing our bank transactions sounds very much like the Tax Stamp Act of 1765 which taxed every paper transaction in the colonies and caused the American Colonies to rebel against Great Britain. This Stamp Tax Act ultimately lead the great men of of America to Declare their Independance from the tyranny of the King of England. Maybe it's time we show our rebellion by voting out every one of the congressmen/women who are not managing the resources under their control. How about we STOP funding other countries and pay our own country's debt. It would lower our taxes. Let's stop providing free edcuation to foreign students and let's take of care of our own american students who deserve the education. Let's start to make decisions and pass bills that promotes our country,the United States of America. Lets be true patriots again as was our forefathers who established our country. Forever 1776!

MySay

Elaine R. It was a Republican by the name or Reagan who gave corps like GE the status of a person and the tax breaks to not pay one cent on 5.1 billion in profits. Thanks to Republican Reaganomics of Trickle Down which is only verga--it never reaches the ground.

No more taxes

Let's ask for a financial 'perks' accounting completed by an independent auditing firm from every congress/elected official prior to election and 'tax' them on the benefits they currently receive 'free of charge' to them. If they refuse, they are automatically removed from the ballot. That includes free airfare of any kind (including military hops), discounts on barber/hair salons, free food, etc. We also change the retirement system to match years of service (if they work 25 years, they get a similar percent per year x 25 as the private sector).

ummm

xxxxxxxxxxxxxxxxxxxx

after you pay taxes in your paycheck and make a bank trancsation if they charge you 1 percent every is being charged taxes double,or even three times because if you pay sales tax, it would add less posibilities to get income for even basic things like food housing, it will be more strand that is happening now,Stop it, No Way

JlyLarkspur

Who are these wacky people in FAVOR of this bill, anyway? Don't they ever complete any financial transactions? 1% when you deposit your check, 1% when you buy gas or groceries, 1% when you pay your bills, etc., etc., etc. PLEASE contact your representative & urge him or her to vote against this!

Jango

The Feds are now no different that the big banking system. They are scraping for all sort of income to please the wealthy and themselves. It is time for a true and deep change in political practices to correct 40 years of favoritism towards the rich. If no change is sighted, a revolution is looming on the horizon.

Mrs. D

Put all of Congress on Social Security and the same type of medical insurance they make the rest of us have (Blue Cross, Aetna, United Healthcare,etc.) an pay them the same type of salaries wtht he same type of benefits the majority of us have. wouldn' that save alotof money

Grammy

Stop thinking up new taxes. Stop the pork projects in the current bills that eat up millions, investigate the wasted spending by our government officials. Pass a law that would require all of our elected politicians in DC to have the same insurance as us, and get no raises unless we all do.

burned up

vetter

Congress should stop Military retired from getting both Military retirement pay and VA Compensation Pay.

This is a scam! Some of the retired get 100% VA money which is 3,000 a month tax free plus there Military pay every month and Social Security

The average is 6,000 a month total

As soon as 20 year Military personnel retire they collect a nice monthly check, and then apply for VA Compensation money on top of there Military pay which averages about 2,000 a month from the Military. They will go to the VA and say look I hurt my hand, foot, had my gall bladder out etc. just to try and get 100% VA money which equals another 3,000 a month tax free. And then get SS at 62

Stop them from getting both and that will cut out a lot of the over spending.

Bill Cooper

In 1935, Franklin D. Roosevelt (D-NY) signed the Social Security Act, guaranteeing untaxed retirement benefits for all qualified participants. The act instituted a system of mandatory old-age insurance, issuing benefits in proportion to the previous earnings of persons over 65-years- of age and establishing a reserve fund financed through the imposition of payroll taxes on employers and employees. The Federal Deposit Insurance Corporation (FDIC) was established as a federally managed fiduciary trust account with the responsibility to invest monies deposited in the Social Security Fund in low-yield federal securities until paid out as benefits, based on length of service, funds invested and interest accumulated. Monthly Social Security benefit payments were classified "entitlements" because each qualified participant was legally "entitled" to receive annuitized benefits based on the results of invested earnings.

Bill Cooper

Not only did employed Americans contribute to Social Security but employers contributed to the system with matching funds. It totaled around 15% of our earned income before taxes. If you averaged only $30K over your working life, that’s close to $220,500 total lifetime income. If you calculate the future value of $4,500 per year (yours & your employer’s contribution), compounded at a simple 5% after 49 years of working, you’d have $892,919.98. If you purchased an $892,919.98 annuity and it paid only 4% per year, you’d have a lifetime income of $2,976.40 per month. In 2011, the average Social Security recipient receives approximately $1200/month annuitized benefit (sans COLAs). Social Security recipients have regularly paid into the system that guaranteed them annuitized benefit payments during retirement? (FDR charged FDIC with a fiduciary responsibility to program participants for invested benefits).

Bill Cooper

Entitlement? Social Security more clearly fits this category than Medicare, Medicaid, food stamps and welfare, although it has been unfairly lumped into this category, for consideration of future spending cuts. How many recipients of food stamps, Medicaid and welfare have previously paid for benefits they receive? Even Medicare recipients are charged $100/month for token medical benefits. Does that even resemble an "entitlement"?

Ponzie Scheme? I paid cash for my Social Security annuity! Just because Executive and Legislative branches of our US government (permanently) borrowed the money doesn't make my retirement benefits some kind of charity or handout! Furthermore, during retirement, I pay an accelerating monthly fee for Medicare coverage. Does that sound like an entitlement? Folks in Washington DC have pulled off a bigger "Ponzi Scheme" than Bernie Madhoff ever implemented At least he was tried, convicted and imprisoned for his crimes.

Bill Cooper

"golden parachute" retirement packages, 67 paid holidays, three weeks paid vacation, unlimited paid sick days . . . sounds more like welfare than Social Security! Yet you have the nerve to call my Social Security an "entitlement" and "Ponzie scheme"?

Although most of us (not engaged in public service) have been paying into Social Security for all our working lives, now, when it's time for many of us to collect, we are told "our government is running out of money". Won't you please tell us why elected officials borrowed all of our money from the Social Security Fund, without a guaranteed repayment plan, in the first place? When it comes to "fiduciary responsibility", why aren't politicians held to the same standard as the American people they are supposed to be working for?

Bill Cooper

Our President, Senators and Congressmen don't pay into the Social Security Fund and, of course, they don't collect from it. The reason is that they have a special retirement plan that they voted for themselves many years ago. For all practical purposes, it works like this: When they retire, our elected legislators continue to draw their same pay until they die . . . except that it may be increased, from time-to-time, by cost-of-living adjustments. Furthermore, their retirement benefits are willable!

This would be well and good, except that they paid nothing on any kind of retirement

and neither does any Senator or Congressman. This fine retirement comes right out of the General Fund . . . our tax money. While we, who pay for it all, draw an average of $1200/month from Social Security.

Bill Cooper

Imagine for a moment that you could structure a retirement plan so desirable that people would have extra deducted so that they could increase their own personal retirement income. A retirement plan that works so well, that those who aren't vested in it, would clamor to get in.

That is how good Social Security could be, if only one small change were made. That change is to jerk the Golden Fleece retirement out from under the Senators and Congressmen, and put them in Social Security with the rest of us. Then watch how fast they fix it!

Bill Cooper

In 2010, H.R. 4646 - The Debt Free America Act - was introduced into the 111th Congress as a scheme to pay down the national debt and (eventually) eliminate federal income tax on individuals by imposing a 1% fee on each and every transaction on all individual acouunts at any financial institution.

Jim Heddings

Steve B

Mr. Cooper is right on comment about our elected officials about their retirement, full pay for life. If you run for congress, get elected for 4 years, you retire in the next term, your set 100 percent!

Mr Vetter is wrong about the military pay. You serve for 20+ years you get 50 percent. If you collect VA comp. the amount you receive is taking from your retirement pay, VA payment is a non taxable, but retirement pay is taxable. By the time you reach that retirement age in the military our bodies have been abused by the deployments we have done. Whether it's on the hard metal ships to wet the ground we pound through the jungles. As our goverment takes more of our befits away from the service to their families. You have seen the Vets in the wheel chairs and the missing arms and legs. Some have mental troubles PDSD, don't you think they need these befits to cope through the rest of their normal life. Shake their hand and thank them for their service.

Time for Chaka to GO!

This bill was originally introduced as HR4646 by Democrat Chaka Fattah from Pennsylvania-----Pennsylvania, have you figured out who to vote out of office YET??? This bill has been introduced approximately 5 times by this person. He needs to go!

Government contracts

Mr Vetter is wrong about the military pay. You serve for 20+ years you get 50 percent. If you collect VA comp. the amount you receive is taking from your retirement pay, VA payment is a non taxable, but retirement pay is taxable. By the time you reach that retirement age in the military our bodies have been abused by the deployments we have done. Whether it's on the hard metal ships to wet the ground we pound through the jungles. As our goverment takes more of our befits away from the service to their families. You have seen the Vets in the wheel chairs and the missing arms and legs. Some have mental troubles PDSD, don't you think they need these befits to cope through the rest of their normal life.<a title="Find Government Contracts" href="http://www.bidnet.com" target="_blank">Find Government contracts</a>

HunnyBunny

I'm on disability to. This is crazy! I get so sick of obama! If they would cut their own rich pay then they would make the budget. But noooo they gotta take from the poor so we will end up living in a cardboard box on the street cuz the cost of living goes up we can't afford to make ends meet while them selfish idiots live high on the hog in their big houses eating all that fancy expensive foods while we have to dig in the trash cans on the streets! And they will sleep in their big fancy beds all comfy beds with no thoughts about us sleeping in a box covered up with nasty newspapers while the mosquitos eat us alive in the hot summers ands thats if we dont freeze to death in the cold winters! People are idiots if they vote for this selfish, cold & heartless idiot Obama!I am phsycally unable to work. So what am I suppose to do about food & my bills if this happens or they take our income away? They know whats gonna happen to us but they DO NOT CARE! PEOPLE DONT VOTE FOR OBAMA!!

namwal

Anyone that reads the comments of vetter should know he has no idea what he is talking about. Military cannot receive both their military retirement and VA Disability. If they collect a tax free disability that money is then deducted from their pension and they receive the same amount of money as before but the portion that they receive for the disability is tax free. I was in Viet Nam and had no choice about entering the military but served my country with PRIDE! I receive a small tax free disability from the government for cancer caused by agent orange. The money paid our veterans for keeping this country free is nothing compared to the waste in D.C. I have a friend who died last year from numerious health problems caused by agent orange and his three tours in Viet Nam and retired military. He received nothing because he was getting a military pension. Vetter...get your facts straight before speaking. You sound like a politcian!

Buzz

@ Vetter - Nice check you say?? it is all too apparent you NEVER served. i spent 25 years active duty and receive $19,038 a year. Your verbiage insinuates we don't have to work after we retire! I have a wife and two kids who are both in school. I challenge you to accomplish all that on what my retirement check offers. Can it be done?? Yes if you choose to live in a cardboard box over a steam grate.

@ Namwal - THANK YOU!!

back @ Vetter - I also receive 0% disability. Not that it is any of your business. Don't get me wrong I fully appreciate the compensation I receive for my time served. Don't think for a minute i don't. It's not enough to NOT have another job though which, by the way, I attend to every afternoon from 4p to midnight!

Couldbegood

Did you miss the part where this phases out federal income tax? I pay wy more than 1%, so I'm nearly certain this works in our favor. It significantly broadens the tax base population; nearly every individual will be included. Legal. Illegal. Working. Not. Everyone gets taxed the same percentage.

b real

name one president who had a Serious committment to all people? I'll wait? and you really mean Obama is the reason this country's in shambles... Yeah, one term will corrupt and destruct a nation hun? C'mon get real or keep seeing the world thru your clean white sheet.

The bill, which would put the Pension Benefit Guarantee Corporation behind struggling pensions for union workers, is being introduced by Senator Bob Casey, (D-Pa.), who says it will save jobs and help people.-Ask yourself, how would bailing out unions pension (by definition: pension-A sum of money paid regularly as a retirement benefit)-save jobs? YOU HAVE TO SAVE FOR YOUR OWN RETIREMENT, WHY DO THEY GET YOUR MONEY FOR THEIR PENSION?

Fed up

I propose all members of Congress have to enroll in mandated health care coverages, take pay cuts, mandate all Congressional wages be tied to a "performance based" schedule, and enact term limits. In other words, Congress must live by any laws enacted upon the general public. If we must "so called tighten our belts", so must our elected leaders.

ZIGGY

PEOPLE RESEARCH THIS BILL FUTHER AND YOU WILL FIND THAT IT WILL NEVER PASS. MRS. MIKE LEAVE THE MILITARY A LONE. UNLESS YOU HAVE GIVEN PART OF YOUR LIFE TO PROTECT THE COUNTRY THAT LETS YOU SPEAK OUT WITH OUT BEING SHOOT TO DEATH FOR DOING SO THEN SHUT YOUR MOUTH. I AM A VET. AND TRUST ME YOU LIVE IN POVERTY MOST OF THE TIME. THESE MEN AND WOMAN EARNED THEIR RETIREMENT AND THEN SOME. IT PISSES ME OFF EVERY TIME THE GOVERMENT CUTS BENIFITS ON THESE BRAVE MEN AND WOMEN. YOU MUST BE SOMEONE THAT WAS BORN WITH A SILVER SPOON IN YOUR MOUTH. SO PAY UP FOR YOUR FREEDOM OR PICK UP A WEAPON AND DEFEND THE COUNTRY YOU ENJOY!!!!!!!!!!!!